Banqup Group (BANQ) H2 2025 earnings summary

Executive summary

• Completed a major transformation, including rebranding to a pure SaaS model as Banqup Group, divesting non-core businesses, and restructuring the board with a new independent chairman.

• Achieved EcoVadis silver medal, reflecting improved sustainability performance.

• Focused on cross-border e-invoicing, payments, and digital trust solutions, with strong partnerships including Visa.

• Significant acceleration in Belgian SMB market due to regulatory mandates, with 51% ARR growth in that segment.

• Strengthened executive team and board governance to support SaaS strategy.

Financial highlights

• Total revenue from continued businesses reached EUR 52.9 million, with EUR 45.2 million from digital revenue.

• Subscription revenue grew 24.4% organically, mainly from Belgium, meeting guidance.

• Digital services gross margin approached 60%, with a target to improve by at least 10 points in 2026.

• Adjusted EBITDA improved to EUR -11.3 million from EUR -13.1 million year-over-year.

• Annual recurring revenue (ARR) reported at EUR 47.7 million.

Outlook and guidance

• Guidance for 2026 targets 25%-30% ARR growth and EBITDA margin of about 3%, aiming for Rule of 30.

• Growth expected to be weighted toward the second half of 2026 due to regulatory adoption timing.

• Anticipates further acceleration from regulatory mandates in France and other European markets.

• Focus on cost control, margin improvement, and SaaS-driven metrics.